Comments on: Buy American: Rethinking Smoot-Hawley

By: Seaneiboy

Seaneiboy — Mon, 09 Feb 2009 03:37:08 +0000

You have to look at the oil imports and how high they have gone up since we peaked oil in the sixties.. oil imports make up 50% of our trade deficit.. Its a major cause for the low supply of money today. We spend 38 billion dollars a month on oil.. Thats four times as much as the war leaving the hands of our country.

By: ljm

ljm — Mon, 09 Feb 2009 01:54:04 +0000

So you're saying we shouldn't borrow from the Chinese in order to buy their goods? What a Communo-Satanist thing to say.

By: pdx632

pdx632 — Sun, 08 Feb 2009 21:46:34 +0000

I would be curious to know how many of the free trade zealots have ever had their jobs outsourced?

By: mikkel

mikkel — Sun, 08 Feb 2009 15:59:46 +0000

There are two economic myths that will be killed off by this economic crisis: the more liquidity there is the better, and free trade is always desirable. Actually the latter will have a caveat, which is that fair trade is almost always desirable, but that the primary thing to pay attention to is trade balance, and make sure that things don't get too out of hand. Ironically both those things have been known for hundreds of years, and it was only modern economics that has had blind faith in inaccurate models that forgot about it…models that were created to try and explain prior crises but missed the boat entirely.